Orbex secures $24m Series B funding led by BGF and Octopus Ventures to advance Scottish spaceport launches
The financing round will secure the roadmap to the company's first orbital launch from Sutherland.
Orbex develops space launch services and rockets designed to transport small satellites into orbit. Initial operations are planned from SaxaVord Spaceport in Shetland.
Orbex has secured $24m in Series B funding to advance its commercial launch roadmap from the Sutherland spaceport in Scotland. The round was led jointly by BGF and Octopus Ventures, alongside participation from existing backers including High-Tech Gründerfonds, Heartcore Capital and Elecnor. The capital will support the company as it prepares for its first orbital flights and expands its manufacturing operations.
The financing follows recent planning approval for the Space Hub Sutherland site and comes alongside a grant from the European Horizon 2020 programme. Orbex is constructing its rocket vehicles in Scotland and Denmark, utilising a renewable bio-propane fuel designed to reduce carbon emissions significantly compared with traditional kerosene alternatives.
From the founder
"This financing round is an important step forward for Orbex. It helps us maintain our rapid pace and allows us to move forward with certainty towards our first launch from the Sutherland spaceport. With BGF and Octopus Ventures we have found significant strategic partners who recognise our vision, and who have the capability to support our development through both the early flights and into subsequent growth and production,"
Chris Larmour
CEO at Orbex
Investor perspective
"Orbex is an impressive UK company which is developing a strongly differentiated and innovative launch solution for the rapidly-growing small satellite market. In Europe, they are a recognized leader with an experienced team, substantial institutional support, a growing customer list and patented technology. The private space sector remains a key future industry for both Scottish and UK governments and we’re very excited to be backing one of the most compelling examples of this evolving sector,"
Keith Barclay
Investor, BGF
